Binance is now allowing its users to buy four cryptos viz. Bitcoin, Ethereum, Litecoin, & XRP, for now, by using debit and credit cards, currently supporting only USD and EUR.
Binance Makes Buying Cryptos Super Easy
“Binance is thrilled to enable debit and credit card payments for cryptocurrencies through our new partnership with Simplex.”
Binance, the world’s largest cryptocurrency exchange by market cap of $618 million as per the data provided by the Coinmarketcap has just announced that users will be now able to buy cryptocurrencies through their debit and credit cards.
“The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users,” said Binance CEO Changpeng Zhao.
The exchange partnered up with the Israel-based payment processing firm Simplex to enable the purchases with Mastercard and Visa. Founded in 2014, Simplex had raised $7 million in a series A funding round in early 2016 with investors including Bitmain and Cumberland.
“Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with Binance and together enable a much better, fast and easy experience,” said Nimrod Lehavi, Co-Founder and CEO of Simplex.
Currently, it will be supporting Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and XRP. Moving forward, these can be traded against up to 151 other digital currencies offered by the exchange. For now, in terms of fiat currencies, only USD and EUR are supported.
Talking about the benefits of using debit and credit card on Binance, the process for cryptocurrency to reach the users’ wallet will be fast taking an average of 10 to 30 minutes. These will be not only convenient as Visa and MasterCard will be accepted but will offer a low fee that is only 3.5 percent per transaction or 10 USD, whichever is higher.
Binance is fast making progress as earlier this month, Binance has launched a new fiat-to-crypto exchange on the island of Jersey. The new exchange Binance.je that enables users to trade Bitcoin and Ethereum against the euro and the British pound received an overwhelming response.